Oil Exports Remain Halted at Major Libyan Ports, Say Engineers

A general view of Ras Lanuf Oil and Gas Company in Ras Lanuf, Libya, August 28, 2024. REUTERS/Mohammed Al-Hadad
A general view of Ras Lanuf Oil and Gas Company in Ras Lanuf, Libya, August 28, 2024. REUTERS/Mohammed Al-Hadad
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Oil Exports Remain Halted at Major Libyan Ports, Say Engineers

A general view of Ras Lanuf Oil and Gas Company in Ras Lanuf, Libya, August 28, 2024. REUTERS/Mohammed Al-Hadad
A general view of Ras Lanuf Oil and Gas Company in Ras Lanuf, Libya, August 28, 2024. REUTERS/Mohammed Al-Hadad

Oil exports at major Libyan ports were still halted on Monday and production curtailed across the country, though some output was being increased to feed local power generation, six engineers said.

Exports remained halted at the ports of Es Sidra, Ras Lanouf, Hariga, Zueitina, Brega and Sirte, the engineers there said.

Meanwhile, both Brent and WTI have posted losses for two consecutive months as US and Chinese demand concerns have outweighed recent disruptions in Libyan oil supply and supply risk related to conflict in the Middle East.

According to Reuters, while Libyan exports remain halted, the Arabian Gulf Oil Company has resumed output at up to 120,000 bpd to meet domestic needs.



Egypt Aims to Restore Normal Output at Gas Fields by Summer 2025

Egyptian Prime Minister, Mostafa Madbouly, speaks during the World Governments Summit, in Dubai, United Arab Emirates, February 12, 2024. REUTERS/Amr Alfiky/File Photo Purchase Licensing Rights
Egyptian Prime Minister, Mostafa Madbouly, speaks during the World Governments Summit, in Dubai, United Arab Emirates, February 12, 2024. REUTERS/Amr Alfiky/File Photo Purchase Licensing Rights
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Egypt Aims to Restore Normal Output at Gas Fields by Summer 2025

Egyptian Prime Minister, Mostafa Madbouly, speaks during the World Governments Summit, in Dubai, United Arab Emirates, February 12, 2024. REUTERS/Amr Alfiky/File Photo Purchase Licensing Rights
Egyptian Prime Minister, Mostafa Madbouly, speaks during the World Governments Summit, in Dubai, United Arab Emirates, February 12, 2024. REUTERS/Amr Alfiky/File Photo Purchase Licensing Rights

Egypt aims to restore normal production at its natural gas fields by next summer, Prime Minister Mostafa Madbouly said on Thursday.

Madbouly told a news conference that production had fallen because of the arrears, but did not say how much the government owed nor when it might be repaid.

Sources told Reuters in March that the government had set aside up to $1.5 billion for payments to foreign oil and gas companies operating in the country. The arrears built up during a long-running foreign currency shortage that has since eased.

Egypt has been grappling with power shortages amid high demand for cooling systems in the summer. The country generates most of its electricity from burning natural gas.

The government halted load-shedding power cuts in July after some natural gas shipments arrived.

"Electricity load-shedding cuts won't return again," Madbouly said, adding the government had set aside $2.5 billion to ensure that.

He said there were also plans to bring an Egypt-Saudi power grid link online in a first phase by the summer of 2025.